Standard Chartered Bank's underperforming Korean unit has called back a plan to send exorbitant dividends back to U.K. headquarters after the scandal erupted.
The bank is under scrutiny from financial authorities after a leaked document showed it wanted to repatriate a staggering W1.2 trillion (US$1=W1,112) in dividends to headquarters and was plotting to lobby local government officials.
Now the bank has set its mid-term dividend target for this year at W150 billion and another W250 billion for next year, capping full dividends at W400 billion.
The new plan is expected to be decided in a board meeting on Friday.
The Korean branch posted losses of W11.4 billion from January to October of this year.
A financial authority official said, "We understand the bank's position that the dividends are small compared to its investments in Korea, but we felt it was improper to remit such huge dividends when the bank's local losses are so big, so an agreement was reached to lower the dividend."
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